Peak Capital Advisors pays $3.7M for mixed-use in Greenpoint

Peak Capital Advisors through the entity 799 Manhattan Owner LLC paid $3.7 million to Harriett Mont and Paula Beldengreen through the entity 799 Manhattan Avenue Brooklyn, LLC for mixed-use building (K4) at 799 Manhattan Avenue in Greenpoint, Brooklyn.
The deal closed on March 17, 2023 and was recorded on March 30, 2023. The property has 5,200 square feet of built space and 2,300 square feet of additional air rights for a total buildable of 7,500 square feet according to PincusCo analysis of city data. The sale price per built square foot is $711 and the price per buildable square foot is $493 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Harriett Mont and Paula Beldengreen was Harriett Mont and Paula Beldengreen. The signatory for Peak Capital Advisors was Alex Rabin.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Peak Capital Advisors purchased 24 properties in 21 transactions for a total of $128.8 million and has no record it sold any properties over the past 24 months.
The seller Harriett Mont had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Harriett Mont, head officer and Paula Beldengreen, officer. The business entities are Shun Neward 99c Store Inc and 799 Manhattan Avenue, Llc. The 5,200-square-foot property generated revenue of $121,620 or $23 per square foot, according to the most recent income and expense figures.

The property

The 799 Manhattan Avenue parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is C4-3A which allows for up to 3 times floor area ratio (FAR) for commercial and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $619,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Greenpoint, the bulk, or 30 percent of the 22.7 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 27 percent of the space. In sales, Greenpoint has 2.1 times the average sales volume among other neighborhoods with $712.3 million in sales volume in the last two years and is the 6th highest in Brooklyn. For development, Greenpoint has 2.5 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Brooklyn. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of four of the 12 commercial properties representing 24,800 square feet of the 145,424 square feet. The largest owner is Miroslawa Zielinski, followed by Miesczlaw Parciak and then David Weinman.
There are no active new building construction projects on this tax block.

The majority, or 69 percent of the 95,039 square feet of built space are mixed-use buildings, with retail buildings next occupying 17 percent of the space.

The buyer

The PincusCo database currently indicates that Peak Capital Advisors owned at least 30 commercial properties in New York City with 270,027 square feet and a city-determined market value of $68.5 million. (Market value is typically about 50% of actual value.) The portfolio has $94.7 million in debt, with top three lenders as Amalgamated Bank, Prime Finance Partners, and Prime Finance respectively. Within the portfolio, the bulk, or 90 percent of the 270,027 square feet of built space are walkup properties, with mixed-use properties next occupying 10 percent of the space. The bulk, or 40 percent of the built space, is in Brooklyn, with Queens next at 37 percent of the space.

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